Disclosure: Bear in mind that some of the links in this post are affiliate links and if you go through them to make a purchase I will earn a commission. Keep in mind that I link these companies and their products because of their quality and not because of the commission I receive from your purchases. The decision is yours, and whether or not you decide to buy something is completely up to you.
You roll over in your bed and press the snooze button on your alarm clock for the third time. You have this standoff every morning and know how it ends; yet, you still try to prolong the inevitable. Right about this time you start thinking of all the things you rather be doing, and getting up is not on that list. But, you also know, if you don’t work, nothing gets paid. This sad reality is what eventually motivates you to start your day.
I could be completely wrong, but I am willing to bet you guys can relate to this experience. After All, unless you work for yourself, you have to trade your time for money. That’s just how it is.
There has to be a better way, right? There has to be a way for you to make money on your terms, without owing someone else your time, eight hours a day, seven days a week! Luckily, there is! It’s through passive income.
What’s a passive income? Passive income is income that requires little or no effort to earn and maintain. Once established, passive income works for you, leaving you free to live your life the way you see fit.
In today’s blog, I want to give you 5 of the Best Streams of Passive Income for 2020. Most of these forms of passive income require little to get started and can be extremely profitable in the long run. In most cases, all you need is a laptop, internet connection, and the desire to change your situation. So, without further ado…
One of the best ways to make passive income from the comfort of your home is by selling products online. However, you need to know how to make eCommerce passive, or it can become a demanding full-time job.
eCommerce can be made very lucrative and passive in multiple ways. You can sell products from home without having to purchase, pack, or physically manage any inventory. This method is known as Dropshipping.
In Dropshipping, you (the business owner) select and promote products that are offered by a fulfillment service. The fulfillment service then stocks the products and ships them directly to your client once a sale is made on your website. At no point in the sales process do you manage the products physically?
Once you drive traffic to your eCommerce website, you can make money practically while you sleep. Don’t know how to create a website? There are tons of sites out there that do all the hard work for you. My personal preference is Shopify because they have free, ready-made themes for you to use. People also have tons of success with integrating platforms, like Woocommerce and Ecwid, with a simple Wix or WordPress website.
If you don’t want the hassle of promoting your own products or dealing with customer service, you should look at affiliate marketing. Affiliate marketing is another way to sell products that you do not physically stock and deliver. It consists of promoting other people’s products, and when a sale is made you receive a commission. These products can be anything, ranging from big-name brands to digital products.
Most affiliate marketers choose a niche that they like and pick products within that niche to sell. I always recommend promoting products that you can personally stand behind. The sales process is much easier if you believe your particular product will help your clients.
When it comes to promoting your products, there is no set way of going about it. You can utilize direct advertising, YouTube videos, blogging, etc. The more people that see your offer, the better. Once your affiliate links become active, you can make money days, weeks, and months after the fact, truly making this method a passive income gold mine.
Some of the best affiliate programs to get started with are Clickbank and Amazon Associates. Both have sets of pros and cons, but I think they are the most ideal if you are simply getting your feet wet.
Most of us have heard of GoDaddy.com but, not too many actually know what the website entails. No, it’s not an explicit adult video site, despite what the name insinuates.
GoDaddy.com is one of the largest domain registrar and web hosting companies in the world. But, why does that even matter? Whenever you build a website, there are two things you absolutely must have: web hosting and a Domain name.
A domain is the name of your website; sometimes it’s easier to think of it as online real estate. A domain name is an address where Internet users can access your website. Without it, there is no way for the computer to find and identify your website on the internet.
The thing about domains is they must be registered on an annual basis. If for whatever reason, someone forgets to re-register their domain, it then becomes available for the public to purchase. Believe it or not, some of these “premium” top-level domains go for a lot of money. If you don’t believe me, here are seven of the highest selling domains
Finding a domain name worth millions is pretty rare but there are still tons out there worth thousands of dollars. To become profitable with domaining, one needs to find a valuable domain, buy it for cheap (often less than 25 dollars), and resell it on a domain-auction website.
This method becomes passive once you build your domain portfolio and sell your domains to potential buyers. A con to this method, however, is sometimes it can take months to sell a single domain. But, sometimes it only takes one sale to make an extreme return on your purchase.
Are you a videogamer or simply enjoy being in front of the camera, then This next method is perfect for you.
Twitch and Youtube are the two biggest platforms for live-streaming videogames. Both platforms have the potential to really make you some cash, also. Once you begin streaming from your account, each platform has a wide variety of monetization tools ready for you to use. Let’s take a look at these tools.
By far the most common monetization tool Twitch and YouTube offer, are through ad revenue. On Twitch, Creators on a small to mid-level typically see an average of $2 per thousand views from ad placement.
YouTube is a bit different. In order to be eligible for monetization, channels must meet and maintain the following requirements: at least 1,000 subscribers and at least 4000 hours of video watched in the past 12 months. Both requirements must be continuously maintained, otherwise you lose your partner status and access to ad revenue.
However, YouTubers who provide “top tier content” are invited to be part of Google’s more lucrative Preferred Program, which bundles together content for selective advertising.
On either platform, once you become a more established channel, ad revenue is one of the best ways to receive a steady income.
Another strong monetization tool with Twitch and YouTube is its subscription feature. Similar to a subscription, like Netflix or Hulu Plus, Twitch’s subscription feature allows content creators to charge a monthly fee, set by the creator, for viewer perks. These perks include ad-free streaming, chat features, special emotes, badges and access to archived and private streams.
As the content creator, you have the freedom to choose what perks your subscription will offer. This subscription service is available to both Twitch partners and affiliates, although with some differences.
YouTube’s subscription service, called sponsorships, offers similar features, including the ability to customize your offerings. Channel sponsors are automatically charged every month and Users continue to receive perks until the end of the billing period.
As a Creator, you receive 70% of the sponsorship revenue that your audience pays. Twitch and YouTube sponsorship is worth pursuing if you want to monetize your content with the help of your audience.
Are you knowledgeable on a certain topic or do you have a specific expertise? The internet offers an array of great opportunities that you can tap into and make good money. Here are a few ways to sell your skills online to make extra income.
Freelance work:
Currently, freelancing sites are one of the best places you can sell your expertise. By signing up with platforms like Fiverr and Upwork you have a chance to sell your skills to a large pool of clients.
With Fiverr, freelancers can sell almost any skill. These include anything from video animation, music & audio, graphics & design, business, digital marketing, writing, translation, you name it. There are thousands of Fiverr jobs that you can earn from. All you need to do is find what you are good at and create a brand in it.
E-Books:
This is where freelancing becomes truly passive. E-books, although they require an initial time investment, are still awesome ways of earning online. In fact, e-books can prove to be the most lucrative way of selling your skills online.
All you do is write a book that is interesting and easy to understand.
And once you are through writing your book, you can offer it as a PDF download through services such as PayLoadz or even Amazon. Imagine it! You create your content in the beginning and then reap the benefits of all the sales that come after.
Sell Online Courses
Similar to selling your own ebook, you can also create courses and sell them online. From personal experience, I know this is a great form of passive income. With millions of dollars being spent on college courses a year, we know people pay for knowledge.
It doesn’t matter if it’s bird calling or fidget spinning, choose a field you are an expert in and charge clients to learn that skill.
To make your courses more appealing, you can include multimedia and additional reading material( hmm perhaps an E-BOOK). You can also offer assessments to enable students or learners to assess their progress.
With apps like Odijoo, Litmos, or WiZiQ, it has become easier than ever to build web-based courses that teach your audience in a step by step manner. People search for virtually anything on the internet and thus you have a great opportunity to profit from it.
And there you have it, the 5 Best Streams Of Passive Income in 2020. I hope you found some value in this post and, perhaps, got some ideas to start your own online business. Here is a quick disclaimer, however. None of these methods are guaranteed to make you money overnight. Like any business, they take hard work and persistence.
Nevertheless, this should be a small price you are willing to pay in order to make recurring revenue. I hope you will do more research on, at least, one of these methods. Also, make sure to take the necessary steps to implement them.
Thank you guys for sticking around this long. If you have more questions for me or simply want to share your best passive income methods, please don’t hesitate to reach out.
And Remember:
If you don’t find a way to make money while you sleep, you will work until you die. -Warren Buffett
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